Share-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Business Combination [Line Items] |
|
| Schedule of Stock Option Activities |
The
following table summarizes the stock option activities for the six months ended June 30, 2026:
Schedule
of Stock Option Activities
| | |
| | |
| | |
Weighted-Average | | |
| |
| | |
| | |
Weighted-Average | | |
Remaining
Contractual | | |
Aggregate
Intrinsic | |
| | |
Shares | | |
Exercise
Price | | |
Term
(Years) | | |
Value | |
| Outstanding at December 31, 2025 | |
| 5,362,722 | | |
$ | 2.83 | | |
| 4.73 | | |
$ | — | |
| Granted (1) | |
| 516,250 | | |
| 0.94 | | |
| | | |
| | |
| Exercised | |
| — | | |
| — | | |
| | | |
| | |
| Expired (2) | |
| (923,557 | ) | |
| 2.42 | | |
| | | |
| | |
| Cancelled | |
| — | | |
| — | | |
| | | |
| | |
| Outstanding at June 30,
2026 | |
| 4,955,415 | | |
$ | 2.71 | | |
| 5.60 | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | |
| Exercisable at June 30,
2026 | |
| 3,888,528 | | |
$ | 3.10 | | |
| 4.77 | | |
$ | — | |
Notes:
| |
● |
Annual
share-based compensation awards on January 2, 2026, with an exercise price of $0.94, including: (a) 287,750 stock options granted
to executives and key personnel, vesting upon one year anniversary, or annually in equal installments over four years, (b) 185,000
stock options granted to members of the Board of Directors, vesting upon one year anniversary, (c) 23,500 stock options granted to
employees, vesting annually in equal installments over four years, and (d) 20,000 stock options granted to a consultant, vesting
upon one year anniversary. |
| |
● |
(a)
705,000 stock options with a weighted average exercise price of $2.68 per share granted to members of the Board of Directors, (b)
216,057 stock options with a weighted average exercise price of $1.58 per share granted to a key personnel, (c) 2,500 stock options
with an exercise price of $1.66 per share granted to a former employee. |
|
| Schedule of Restricted Stock Unit Activity |
The
following table summarizes the restricted stock award activity for the six months ended June 30, 2026:
Schedule
of Restricted Stock Unit Activity
| | |
| | |
Weighted-Average | |
| | |
| | |
Grant
Date | |
| | |
Shares | | |
Fair
Value | |
| Outstanding at December 31, 2025 | |
| 64,656 | | |
$ | 1.74 | |
| Granted (1) | |
| 375,931 | | |
| 0.91 | |
| Vested (2) | |
| (250,905 | ) | |
| 1.15 | |
| Unvested shares forfeited | |
| — | | |
| — | |
| Outstanding at June 30,
2026 | |
| 189,682 | | |
$ | 0.88 | |
Notes:
| (1) |
On
January 2, 2026, the Company granted 119,682 restricted stock units, vesting upon one year anniversary, to the Board of Directors
as a result of reduction in director cash compensation for 2026, and an aggregate of 186,249 restricted stock units, vested in full,
to executives and key personnel in lieu of cash bonus earned for the year ended December 31, 2025. |
| |
|
| |
On
March 1, 2026, the Company granted two consultants a total of 70,000 restricted stock units, vesting upon the satisfaction of the
applicable time and performance criteria. |
| |
|
| (2) |
Represents
the vesting of 186,249 RSUs granted to executives and key personnel, and 64,656 RSUs granted to the Board of Directors. |
|
| Schedule of Non-cash Share-based Compensation Expense |
Total
non-cash share-based compensation expense was allocated among the following expense categories:
Schedule
of Non-cash Share-based Compensation Expense
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| | |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| General and administrative | |
$ | 134,261 | | |
$ | 323,321 | | |
$ | 263,294 | | |
$ | 531,317 | |
| Research
and development | |
| 10,111 | | |
| 17,141 | | |
| 20,377 | | |
| 34,175 | |
| Total | |
$ | 144,372 | | |
$ | 340,462 | | |
$ | 283,671 | | |
$ | 565,492 | |
The
following table summarizes the Company’s non-cash share-based compensation expense allocation between options and restricted stock
units:
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| | |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| Share based compensation
expense - stock option | |
$ | 105,866 | | |
$ | 304,861 | | |
$ | 213,607 | | |
$ | 482,155 | |
| Share
based compensation expense - restricted stock units | |
| 38,506 | | |
| 35,601 | | |
| 70,064 | | |
| 83,337 | |
| Total | |
$ | 144,372 | | |
$ | 340,462 | | |
$ | 283,671 | | |
$ | 565,492 | |
|
| Valuation Technique, Black-Scholes-Merton Model [Member] |
|
| Business Combination [Line Items] |
|
| Schedule of Stock Options |
The
assumptions used in the Black-Scholes option pricing model for stock options granted for the six months ended June 30, 2026, are as
follows:
Schedule
of Stock Options
| Risk-free
interest rate |
|
|
3.8%
- 3.9 |
% |
| Expected
dividend yield |
|
|
—
|
% |
| Expected
stock price volatility |
|
|
72.2-76.5 |
% |
| Expected
life of options (in years) |
|
|
5.5-6.3 |
|
|
| Schedule of Fair Value of Warrants Using Black-Scholes Model |
Schedule
of Fair Value of Warrants Using Black-Scholes Model
| Risk-free
interest rate: |
|
|
3.67 |
% |
| Expected
dividend yield: |
|
|
0 |
% |
| Expected
stock price volatility: |
|
|
64.97 |
% |
| Expected
life of warrants (in years) |
|
|
5.0
|
|
|